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First Sponsor gets OK to issue S$162M of convertible securities

First Sponsor Group Ltd. received Feb. 20 approval in principle from the Singapore Exchange Ltd. to list and deal in an up to about S$162.2 million issuance of 3.98% perpetual convertible capital securities.

According to terms released Feb. 8, the securities will be issued at a denomination of S$1.10 for each convertible security based on a ratio of 1 convertible security for every 4 existing shares.

Estimated net proceeds from the issuance is expected to be S$161.5 million, which the company intends to use as funding for its property development projects, acquisition of properties and/or its property financing business, but may be reallocated to repay debt.

DBS Bank Ltd. was appointed as the manager for the rights issuance.

As of Feb. 20, US$1 was equivalent to S$1.32.